Payday Loan Leader Cash Now Announces Fast New Booking Engine for Payday Loans, Other Services28 April 2005
Cash Now Corporation (CHNW), a pioneer and continuing leader in the payday loan and check-cashing industry, today announced it has installed a new Web-based booking engine that will assure faster-than-ever service for Cash Now customers while opening the possibility of more profits for Cash Now Licensees.
The system operates in real time “booking” of payday loans, similar to web based travel agencies which book air travel in real time and issue commitments instantly.
“This is another example of our leadership in the payday loan and check-cashing industry,” said Andrea Zecevic, Cash Now President. “We offer the best technology, and we keep making it better. This new booking engine is faster and more robust. In the end what it means is happier customers and increased opportunity for revenues for Cash Now Licensees.”
The new system starts by asking customers seven mandatory questions and calling into the Cash Now database. It then returns the Cash Now database results and, based upon the customer’s replies together with the preliminary Cash Now credit score, a conditional loan commitment is issued. Applications are also time-stamped, and customers are advised that their approval is valid for the next 10 minutes, providing impetus for a quick decision. The booking engine then handles the rest of the transaction with the same speed and thoroughness, including banking information requests, contacting sub-prime reporting agencies, prompting customers to submit all the data needed to complete the transaction and notifying credit agencies that the loan is being issued by Cash Now. It’s all automatic which enables Cash Now Licensees to process more loans in a shorter period of time while using less manpower.
“The speed and automation can dramatically increase conversion rates for Cash Now Licensees,” said Zecevic, “and it eliminates manual underwriting, which allows the staff to focus on verification – making sure customers work where they claim to work and bank where they claim to bank. What this amounts to is a series of spot-checks by Licensees, which is very important to their financial well-being.”
The basic booking engine can process up to 100 loans a day - ideal for smaller operations. For a licensee looking for a robust call center operation, the ultimate answer is Cash Now’s Enterprise Solution with a fully integrated booking engine. The Enterprise solution with the booking engine can process over 1000 loan requests a day.
For more information on these offerings, visit www.cashnow.com or call 1-866-778-2996.
ABOUT CASH NOW
Cash Now Corporation (CHNW.PK), a pioneer in the payday loan and check cashing industry, is developing the most comprehensive menu of services in the cash advance industry, all centered on the Cash Now brand. The company’s proven business model includes licensing to corporately operated joint venture locations across the U.S. and Canada. Additionally, Cash Now’s website is one of the most advanced payday lending portals in existence, offering key insights to clients and potential clients alike – as well as the ability to complete payday loans on-line, via a phone call or in person. Cash Now offers a Payday Loan License program, Payday Express; a Payday Loan and Check Cashing License known as Check Express; and a host of related financial services for small and medium-size businesses. Profit Guide magazine recently ranked the Cash Now Group 10th in its list of the 50 fastest growing and most promising emerging companies.
Source: PR Web
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